Loading ...I can usually figure his posts going forward but he appeared to disregard this move esp on Hui. What if it doesn’t move with equities? Not saying it couldn’t but it could start move against it just as well like now.
Naturally, the gold promoters are out in force. The problem with their theories has always been that they are dead wrong. The REAL BULL MARKET will see the metals rise with equities. Right now, they focus on the stock market and yell “buy gold” because a depression is here. Here we need to see a weekly closing above the 1143 level to raise any hope of a temporary low. Without that, we have a turning point in February which can be a high with a low moving into the next Benchmark target. A closing for January below the 1103 level will warn there is inherent weakness still lingering within this market.
Next month, watch the 1097 level for that is key support. Break that and it’s looking into a low into the second benchmark.
Here wrote this around Jan 29th then today he wrote and note everyone has there own resistance and none has been right 100 percent.:
Gold is slowly and begrudgingly moving to test the key resistance. We need a weekly closing ABOVE 1143 to push higher. The band of resistance begins at the 1156 level followed by 1170, 1175, 1184 and 1208. Only a weekly closing above 1208 would hint at a more sustained rally.
The directional change we had for the week of January 25 performed as expected. The previous high of January 8 at the 1113 area was penetrated on Tuesday, January 26. This was a breakout to the upside fulfilling the directional change meaning the sideways consolidation came to an end and the market made its move to a new trading level. The panic was a big move in one direction, rising from the close of the previous week at 1098 reaching a high, at first, around 1128.
Now we are looking at caution being advisable as we enter February.
This entry was posted in Uncategorized and tagged Gold by Martin Armstrong. Bookmark the permalink.